MoneyMindz.com, Best On-Call Financial Advisory Portal is sharing some powerful financial planning tips in order to manage your finances. If you sincerely follow these tips, you can bring happiness to your finances. These financial planning tips are very basic and simple to follow.
1.Chasing returns leads to nowhere
The only common thing for which people want to invest is returns. A very common question which comes to every investor’s mind is that where do they get park these days. This is the reason why investor’s keeps on playing with asset classes and also keeps on moving among different investments like, gold, equity, debt etc. In almost every investor the chasing return characteristic is abnormally present and as a result the search of investments generating maximum returns ends nowhere.
2. You don’t need to invest under obligation
You will never find any investor not having some investment products bought under some obligation. It might be a friend, uncle or many other different relations. There is no problem in buying from relatives, but why under obligation, why not with proper thought also checking the suitability on your investment profile. Some people even want to stick with these products after knowing that it is not suitable for them and the person selling the product also left the company.
3. Tax saving shall be incidental to your investments
Every investor makes a big mistake when they invest only for tax saving. Tax saving needs to be incidental and not just the major requirement of your investments. As per your long and short term goals, you should select your investments options u/s 80C for your better future. By looking out only tax saving feature you will be bound to get missold with such non-required products.
4. You shall not invest without setting a goal
Goals can be considered as a direction to your savings. The tenure of your investments can be decided with this help. The tenure helps in choosing the right asset class towards the kind of product you should invest in. If you don’t give a proper reason to your investment then you are not supposed to direct your investments towards a goal, then there consists high probability you invest haphazardly.
5. Need to follow a budget
It is mandatory to know where you are spending, why you are spending and how such spending is affecting your financial savings and other requirements. If you are concerned on all aspects of your finances, you should also be disciplined in your expenses and also follow a proper budget in order to create that discipline. You can curtail your discretionary expenses by maintaining a proper budget. If you find difficulty in following a spending budget then you should go with savings budget.
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